Massachusetts Down Payment Assistance for Home Buying
Did you know that Massachusetts is the only state to develop a home financing program to remedy racial discrimination in the mortgage industry through a risk-sharing partnership between local government and participating lenders? Looking ahead, this is a critical time to renew our shared commitment to responsible mortgage lending in Massachusetts. Stable home ownership improves neighborhoods, promotes family wealth over the long-term, expands education attainment, and protects property values by minimizing foreclosures. Toward that end, the parties to this Massachusetts Mortgage Compact share the goal of providing mortgage loans for 10,000 first-time home purchases over the next five years by individuals and families with household incomes below the area median income (AMI). To help achieve that goal, the parties to this Compact make the following commitments.
First Time Home Loans Available to Consumers in New England: Although DHCD does not provide mortgages directly to first-time homebuyers, there are many resources available. Check the following sites for information on a number of state and federal mortgage products for first-time homebuyers. Many Massachusetts banks offer products for first-time homebuyers, call your local lender for more information.
Finance Resources in Massachusetts:
Massachusetts Homeownership Opportunities
Massachusetts Housing Partnership pledge:
- to fund a website to be managed by an independent non-profit organization to inform consumers about their home buying options, their eligibility for state-sponsored mortgage programs and the comparative costs and benefits of mortgage products available to first time home buyers in the Commonwealth;
- to require pre-purchase homebuyer education as a condition of borrowers' eligibility for state homeownership programs.
- to collect and compile data and issue quarterly reports to MCBC on loans originated pursuant to this Compact to first time homebuyers below area median income using either the ONE Mortgage Program or MassHousing with respect to race, income and other household characteristics of borrowers, the type and location of homes purchased, and performance of loans including delinquency and foreclosure rates.